The Reserve at Macon Pointe

8/6/2019 The Reserve at Macon Pointe

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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: The Reserve at Macon Pointe

ddress: adjacent & behind 806 E. Washington Street

ty: Nashville County: Nash Zip:

ensus Tract: 111 Block Group: 5

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? No

olitical Jurisdiction: Town of Nashville

risdiction CEO Name:First:Donald Last:Street

Title: Mayor

risdiction Address: P.O. Box 987

risdiction City: Nashville Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ttps://www.nchfa.org/Rental/RTCApp/(S(r4h4jc45b...44E109B252&SNID=9F5BB3FD5A7040DEA0E36B006B8189AB (1 of 21)4/8/2009 1:57:12 PM

27856

27856

(252)459-4511

35.7810

-78.6366


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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Family

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:



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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: Ilex Properties, LLC

ddress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip:

ontact: First: Holly Last:Smith Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


27523

(919)363-1677

(919)673-5547

(919)363-1727

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


5.14 5.14


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?YesIf yes, specify the relationship:

The subject acreage is part of a larger tract Ilex Properties, LLC optioned.

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


12/13/2009

100,000


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oning

esent zoning classification of the site:MULTIFAMILY

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes

If yes, have the hearings been completed and permits been obtained?Yes

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

The Town of Nashville's Planning Board approved a Special Use Permit, to allow for more than onemultifamily building on the tract, on 12/30/08. Unanimous approval, by the Town Council, followed on 1/6/09.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Nashville Apts, LLC

dress: 1049 Sunset Meadows Drive

y: Apex State:NC Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: Already Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Ilex Nashville, LLC

rst Name: Holly Last Name: Smith Function: Managing Member

ddress: 1049 Sunset Meadows Drive

ty: Apex State: NC Zip: 27523

hone: Fax:

Mail: Nonprofit: No


27523

(919)363-1677 (919)363-1727

[email protected]


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oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal

state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low

income units are within established thresholds.


6 2

1,795

59,697

49,906

6

6

5
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by









tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


4 40

5 40

3 40

4 50

5 50

3 50

4 60

14 60

6 60

48


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


455,000 6.00 30 30 32,735

750,000 1.00 30 60 16,628

1,023,751 0 30 30 0

3,362,687

250,000

3,535

5,844,973

73


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CCAR will provide the permanent mortgage. The RPP loan repayment will be based uponaintaining a 1.15x DSCR throughout its term; the amortization indicated above not representativewhat the actual repayment will be. The Non-repayable grant is a CDBG, for public road and sewertensions.



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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement


528,000 528,000

2,784,000 2,784,000

100,000 100,000

204,720 204,720

72,334 72,334

217,003 217,003

195,303 195,303

65,000 65,000

14,400 14,400

34,000 34,000

4,214,760

4,600 4,600

44,713 44,713

123,041 109,684

12,000 12,000

72,000 72,000

10,000 10,000

8,500 8,500

10,000 10,000

5,500 5,500

9,100


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


8,350

307,804

32,000 26,500

17,500 8,500

2,300

31,736

12,000 12,000

33,600

129,136

30,000 30,000

504,000 504,000

30,000 30,000

Other Basis Expense S 16,000 16,000

Other Basis Expense (s

34,400

Other Non-basis Expen 350,000

Other Non-basis Expen

964,400

14,400

114,473

Other Reserve (specify)

Other Reserve (specify)

5,744,973 0 5,118,757

0

5,118,757 0 5,118,757

100.00% 100% 100%


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit58,000


5,118,757 0 5,118,757

100.00% 100.00%

5,118,757 0 5,118,757

3.50 9.00

460,688 0 460,688

0

100,000

5,844,973

460,688


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arket Study Information

ease provide a detailed description of the proposed project:

e subject complex will include 48 multifamily apartments in 6, 2 story residential buildings, with a one-ory clubhouse. The ageless, "craftsman" type design will include earthtones with accents, and includeeral use of exterior elements--brick veneer in varying heights, high quality vinyl siding and vertical andrizontal banding, vinyl shakes & wrapped columns, and vinyl accents for a visually pleasing facade, which

ends in well with the existing wooded areas surrounding the complex. Roof lines will have different

ches, accented with gables of varying sizes, gable vents, and corbels.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

The site plan includes a circular, internal driveway, with speed humps, providing slow vehicular speedswithin the complex. Sidewalks connect the residential buildings with clubhouse, mail kiosk, and recreationalareas. The clubhouse and recreational areas are located within the centrally-located island, and accessibleby sidewalk, inside and outside the island.

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

The floorplans are similar to other Grant, Inc-constructed tax credit developments, however, Macon Pointe's2 bedroom units will include 2 baths, and the washer/dryer closets will be larger to provide more interiorstorage.

e Amenities:

e clubhouse and recreational amenities are located within the center island, and include: seating arounde playground & tot lot, picnic shelter with tables and grills, grassy area for play, and gazebo, all of whiche visible from the clubhouse and the site manager. Perimeter trees will be saved for shade and privacy,d parking areas will include tree islands.

site Activities:

e clubhouse will include an exercise room with machines and free weights; a kitchen area withfridgerator, sink, and microwave for residents' use; a computer and media room with high speed, internetcess; a laundry room with 24/7 access; seperate lavatories for men & women, and the manager's office,

hich is accessible from both inside, and outside, the clubhouse. The large meeting area/lounge, centrallycated, will accomodate seminars, resident parties, games, crafts, and activities relating to the supportivervices program. Outside seating will be provided to the rear of the clubhouse via a covered patio.



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ndscaping Plans:

oundation plantings, consisting of slow-growing evergreen shrubs, flowering perennials, and annualwers, will be planted at all building fronts. Deciduous trees will be planted in the center island to provideade for outside recreation, and on the tree islands. Macon Pointe's entrance, and lighted sign, will becented with evergreen shrubs and azaleas, which grow well in this region.

erior Apartment Amenities:

typical apartment will include VCT filing at the ingress/egress points, kitchen, and bathrooms, with plush-yle carpeting elsewhere. The kitchen will include oak cabinetry, integral backsplashes with counters, andE appliances. The living room and bedrooms will have ceiling fans and mini-blinds on all windows. THISROJECT WILL BE BUILT IN COMPLIANCE WITH ENERGY STAR REQUIREMENTS FORSULATION, HIGH PERFORMANCE WINDOWS, TIGHT CONSTRUCTION AND DUCTS, EFFICIENT

EATING AND COOLING EQUIPMENT, AND EFFICIENT LIGHTING AND APPLIANCES.

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

he site is located within the Town limits, & considered an "infill project." The neighborhood has

xperienced stable growth, is built-out (except for the subject site), with existing, conventional apartments,nown as Hampton Village, adjacent to the west, Nash County Dept of Education land to the east, withome retail (including Dominoe's pizza) and service businesses located in front of Macon Pointe's site,cing E. Washington Street. Directly across E. Washington Street is "Nash Plaza" shopping center, whichcludes Lowe's Foods, Family Dollar, Pizza Village, Movie Gallery, and other stores, located .4 miles fromacon Pointe. An existing single family subdivision is located behind Nash Plaza.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Macon Pointe will be situated on a 5.14 + - acre tract, with a potentialcond phase planned for 2+ acres situated behind it. The entire tract is zoned multifamily, with landntiguous and to the rear, zoned for single-family housing. Hampton Village,along the subject site's westernundary, consists of 130 apartments located in two and three story buildings. It was built in '99 on Wheelessive, which runs parallel & to the west of Macon Drive. Hampton Village contains 1, 2 and 3 m/f units, has site amenities, oesn't accept housing vouchers,and rents from $425 to $690. Occupancy purportedlymains at 95%+. There are no negative land uses, such as those stated above, within miles of this site.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign

in relation to traffic corridors. Macon Pointe's location on multifamily-zoned property, beside and in front ofultifamily and single-family-zoned land, but within walking distance of retail and service businesses, makesa perfect location for rental apartments. Because the site sits back from E. Washington Street, the primaryoroughfare through Nashville, our land option includes the requirement for permanent signage at the cornerMacon Drive and E. Washington Street. Consequently, the site has the best of both worlds--a quiet, safe

cation off the main traffic artery, prominent signage along a busy route, and convenient access for oursidents to quickly reach places of employment, schools,stores, and healthcare facilities. E. Washingtonreet is 3 laned, the middle turn lane providing left hand access onto Macon Drive.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

here are none.



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milarity of scale and aesthetics/architecture between project and surroundings.

s mentioned, Macon Pointe will sit back from the main thoroughfare, but be adjacent to two- and three-ory, existing apartment buildings. The architecture and site design will be aesthetically pleasing and blend, and compliment, the surrounding uses.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

nce Nashville is the County Seat, many government-related services are available to residents. Forample, although there is no bus transit systeme in Nashville, the Nash Senior Center offers transportationolder adults, with or without medicaid, to the new Super Walmart (.7 miles from Macon Pointe) doctor'sices, grocery & pharmacy, among other destinations. The Nash County EMS also provides non-

mergency transportation for residents. Nashville also has a Community Center, with activities available forages, located 1.2 miles from Macon Pointe.


4 .9

4 3.0

.0.3

41.0

.0 0

2 1.0

2 .9


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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

The Reserve at Macon Pointe